The Folio Alert in my inbox yesterday had as its headline "Questex lays off 40." That's just one of an almost daily parade of layoff announcements I am seeing from the world of B2B publishing. It would be easy to conclude that B2B publishing is, to use the words of industry pundit Paul Conley, "in a death spiral."
That's why a news item that noted Bloomberg is on track to make over 1,000 new hires this year is so noteworthy. Why all the hiring? It's primarily to support future growth on the data side of its business.
One thousand new jobs. And this in the midst of a steep economic downturn. From a company that depends on a decimated industry - financial services - for its revenue. It's hard not to be impressed.
So what's Bloomberg doing right? We can start with being a subscription-based business with multi-year contracts that lets it ride out economic downturns more easily than most. We see a strong brand and good quality content. We see a product that is integral to client workflow. We see high-value information that drives high stakes business decisions. But most importantly of all, we see data.